(a) The Administration shall administer a program of financial assistance for: (1) community development projects; (2) energy conservation projects; (3) home improvement projects; (4) public purpose projects; (5) solar energy projects; (6) special housing facilities; and (7) business projects. (b) The Administration shall provide financial assistance for projects and facilities under this section with money that the Administration can get for them from any […]
(a) (1) In connection with property on which it holds a mortgage, the Administration may: (i) foreclose on the property; (ii) begin an action to protect or enforce a right conferred on the Administration by law or any agreement; (iii) bid for and purchase the property at a foreclosure or other sale; and (iv) acquire and take possession of the property. […]
(a) The Administration shall coordinate the promotion of its programs of financial assistance for energy conservation projects with the energy conservation promotion programs of the Maryland Energy Office. (b) (1) The Administration shall adopt regulations to establish and implement programs of financial assistance for energy conservation projects and solar energy projects. (2) These regulations shall be consistent with the […]
(a) To finance infrastructure projects, the Administration may: (1) make, purchase, and participate in making loans; (2) purchase local obligations issued to finance such projects; and (3) provide any other form of financial assistance other than grants. (b) All transactions under subsection (a) of this section shall be evidenced by instruments containing the terms and conditions necessary to secure payment […]
(a) (1) If the Administration purchases a local obligation, the procedures and requirements for the issuance or sale of the local obligation shall be as provided in §§ 4–230 through 4–233 of this subtitle. (2) Notwithstanding any other public general law or public local law, charter, or ordinance, an issuer of a local obligation may sell a local […]
(a) (1) Notwithstanding any other public general law, or public local law, charter, or ordinance, a political subdivision or a governmental unit of a political subdivision may issue a local obligation to be purchased by the Administration for infrastructure projects. (2) A local obligation shall be issued in accordance with this section. (3) Each local obligation must be authorized […]
(a) A resolution or ordinance that authorizes a local obligation shall contain: (1) a statement of the public purpose for which the proceeds of the local obligation are to be spent; (2) the form of the local obligation, including: (i) each place and time of payment; (ii) each interest rate or maximum interest rate; (iii) the titles of the officials whose […]
(a) (1) Each ordinance or resolution enacted under this section: (i) shall be adopted by the governing body of the issuer; (ii) shall be approved by the chief executive officer, if any, of the issuer; and (iii) shall have the force of law. (2) Except as provided in subsection (b) of this section, an ordinance, a resolution, or the question of […]
(a) Each issuance by a municipal corporation of a local obligation under § 4–230 of this subtitle may be secured by a pledge from the county in which the municipal corporation is located. (b) To secure a local obligation under § 4–230 of this subtitle, a county may pledge on behalf of a municipal corporation located in […]
(a) Each issuance of a local obligation under § 4-230 of this subtitle shall be secured by, at the discretion of the Administration, a pledge of the faith and credit of the issuer or a pledge of specific revenue of the issuer or the facility being financed as designated and described in the authorizing ordinance or […]
(a) (1) In this section the following words have the meanings indicated. (2) “Capital reserve fund” means a reserve fund created under this section. (3) “Minimum capital reserve requirement” means the minimum capital reserve amount established by the Administration for a capital reserve fund in connection with the issuance of bonds, notes, or other obligations of the Administration in […]
(a) In this section, “government–sponsored enterprise” means the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank, or other agency or instrumentality of or chartered by the federal government that has similar powers. (b) (1) To finance community development projects, public purpose projects, or residential mortgage loans, the Administration may purchase or […]
(a) (1) In this section the following words have the meanings indicated. (2) “Mortgage loan” includes a loan to: (i) finance or refinance the purchase of stock or membership in a cooperative ownership housing corporation; or (ii) rehabilitate units in a cooperative ownership housing corporation. (3) “Reverse equity mortgage loan” includes a loan that uses the equity in a home as […]
In carrying out this section and §§ 4-237 through 4-241 of this subtitle, the Administration may not make a loan to a mortgage lender or purchase a mortgage loan from a mortgage lender unless the mortgage lender is: (1) a bank, trust company, savings institution, savings and loan association, national bank association, mortgage banker, or other […]
(a) The Administration may: (1) purchase or commit to purchase, from a mortgage lender that is eligible under § 4–236 of this subtitle, a note, mortgage, or partial interest in a note or mortgage that evidences: (i) a residential mortgage loan to a family of limited income; (ii) a mortgage loan to a sponsor of a community development project […]
(a) (1) New mortgage loans that the Administration purchases shall be loans to: (i) families of limited income; (ii) sponsors of community development projects; or (iii) homeowners: 1. with primary residences located in sustainable communities; 2. who refinance a residential mortgage loan made by the Department or Administration; or 3. who use the loan proceeds to: A. purchase the homeowner’s primary residence and make […]
(a) (1) A loan from the Administration to an eligible mortgage lender shall require the eligible mortgage lender to make mortgage loans in principal amounts that add up to at least the amount of the loan from the Administration to: (i) families of limited income; or (ii) sponsors of community development projects. (2) After receiving the loan from the Administration, […]
(a) Except as provided in subsection (c) of this section, a mortgage lender shall make a certificate under this section for every residential mortgage loan that the lender makes under a purchase commitment by the Administration with: (1) the proceeds of purchase of a mortgage loan by the Administration; or (2) the proceeds of a loan from the […]
Except as required to qualify for insurance or guaranty by the federal government, a residential mortgage loan may not be assigned to or assumed by a person not qualified under the appropriate Administration program if the residential mortgage loan is: (1) a new loan that the Administration purchases or in which the Administration purchases an interest; […]
In providing financial assistance to a homeowner that includes the purchase of the homeowner’s primary residence and payments on the homeowner’s student loan debt, the Administration shall give priority to selling residential property that is owned by the Administration.
